The House of Representatives has asked the Central Bank of Nigeria (CBN) to temporarily suspend the implementation of the regulation requiring banks to collect and verify their clients' social media handles.
The proposal was made at Tuesday's plenary session, following the adoption of a resolution presented by nine parliamentarians.
As part of stricter Customer Due Diligence (CDD) procedures, the Central Bank of Nigeria (CBN) required banks to gather their consumers' social media handles in June 2023.
According to the CBN, the regulation would allow financial institutions to collect data about their customer's online presence and activities in order to more accurately identify possible risks connected to money laundering, terrorist funding, and proliferation financing.
During the panel discussion on the motion, Rivers State Representative Kelechi Nwogu stated that there are more efficient ways to monitor money laundering and terrorism financing, such as using the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), and intelligence agencies.
Read more: https://www.investingport.com/house...llecting-bank-customers-social-media-handles/